Driehaus Emerging Markets Growth Fund (Unaudited)

Security Portfolio for 9/30/2014

Quantity Security Description Market ValueBELGIUM

181,904 Anheuser-Busch InBev NV 20,246,01920,246,019

BRAZIL1,982,318 Ambev SA - ADR 12,984,183

649,569 B2W Cia Digital 8,656,4972,209,518 Banco Bradesco - ADR 31,485,6323,604,000 BM&F Bovespa SA 16,534,7441,732,966 CCR SA 11,964,9171,874,100 Kroton Educacional SA 11,775,573

591,416 Linx SA 12,312,760636,686 Multiplan Empreendimentos 13,015,940

1,465,275 Petroleo Brasileiro SA 20,792,252386,112 Qualicorp SA 3,820,502567,248 Valid Solucoes SA 8,796,950

152,139,949CANADA

809,289 Gran Tierra Energy, Inc. 4,472,9674,472,967

CHINA300,382 Baidu, Inc. - SP ADR 65,552,364121,301 Bitauto Holdings, Ltd. - ADR 9,461,478

11,789,624 China Auto Rental (CAR), Inc. 18,068,1577,763,030 China Medical System Holdings, Ltd. 13,276,8871,343,000 China Mobile, Ltd. 15,523,062

10,298,316 China Oilfield Services, Ltd. 27,188,6108,217,364 Dongfeng Motor Group Co. 13,503,618

459,033 Ikang Healthcare Group - ADR 8,932,78299,700 Petrochina Co., Ltd. - ADR 12,812,447

2,321,992 Ping An Insurance Group Co. - H 17,433,96625,165,371 Sinotrans Co., Ltd. 18,278,871

572,671 Tal Education Group - ADR 20,009,1251,626,055 Tencent Holdings, Ltd. 24,187,119

264,228,486COLOMBIA

135,105 Bancolombia SA - SP ADR 7,663,1561,971,771 Cementos Argos SA 10,126,651

17,789,807EGYPT

2,536,273 Commercial International Bank 18,044,65818,044,658

FRANCE105,591 Ingenico 10,786,758

10,786,758GREAT BRITAIN

342,247 British American Tobacco PLC 19,319,18719,319,187

GREECE580,088 OPAP SA 7,583,281

7,583,281HONG KONG

5,813,308 AIA Group, Ltd. 30,059,089Page 1 of 4

32,871,394 Beijing Enterprises Water Group 22,225,132864,021 Hong Kong Exchanges & Clearing 18,593,780

2,276,400 HSBC Holdings PLC 23,321,45894,199,458

INDIA2,755,266 Bharti Infratel, Ltd. 13,149,525

89,271 Ceat, Ltd. 1,143,351439,040 Container Corporation of India, Ltd. 9,623,905

1,387,761 Glenmark Pharmaceuticals, Ltd. 16,219,007526,019 HCL Technologies, Ltd. 14,604,778589,457 HDFC Bank, Ltd. - ADR 27,456,907

1,380,942 ICICI Bank, Ltd. 32,053,9098,027,915 Idea Cellular, Ltd. 21,590,6203,436,398 ITC, Ltd. 20,598,357

656,419 Maruti Suzuki India, Ltd. 32,553,6423,904,438 SKS Microfinance, Ltd. 18,975,341

585,025 Tech Mahindra, Ltd. 23,583,820473,392 Ultra Tech Cement, Ltd. 20,171,665

3,595,979 Voltas, Ltd. 14,067,172

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265,791,999INDONESIA

12,870,974 PT Astra International Tbk 7,446,89113,334,975 PT Matahari Department Store Tbk 17,756,255

25,203,146MACAU

6,686,154 MGM China Holdings, Ltd. 19,245,1291,230,523 Sands China, Ltd. 6,418,177

25,663,306MALAYSIA

7,754,300 Malayan Banking BHD 23,543,00523,543,005

MEXICO2,683,428 Banregio Grupo Financiero SAB de CV 14,895,168

18,723,521 Cemex SAB de CV 24,396,8295,105,049 Fibra Uno Administracion SA 16,793,199

316,452 Fomento Economico Mexicano SAB de CV 29,129,4075,847,505 Grupo Financiero Inbursa 16,718,975

565,144 Grupo Televisa SA - SP ADR 19,147,0791,699,880 Infraestructura Energetica Nova SAB de CV 10,383,6901,280,389 Promotora Y Operadora De Infraestructura 17,526,2817,602,791 Wal-Mart de Mexico SAB de CV 19,133,639

168,124,267NETHERLANDS

245,174 Heineken NV 18,344,774642,421 Yandex NV 17,856,092

36,200,865NIGERIA

55,126,957 Guaranty Trust Bank PLC 10,009,31910,009,319

PERU777,327 Cia de Minas Buenaventura SA 9,001,44767,102 Credicorp, Ltd. 10,292,776

19,294,222PHILIPPINES

5,102,832 Robinsons Retail Holdings, Inc. 7,197,57720,416,757 SM Prime Holdings, Ltd. 7,952,4243,066,713 Universal Robina 12,778,683

27,928,684ROMANIA

53,526,073 Fondul Proprietatea SA 14,545,21214,545,212

RUSSIA498,306 Magnit OJSC - GDR 28,782,155

28,782,155SAUDI ARABIA

219,354 Bupa Arabia for Cooperative Ins. Co., Ltd. - PNO 8,364,867757,836 Samba Financial Group - PNOTE 9,704,469214,453 Saudi Airlines Catering Co. - PNOTE 10,860,136905,245 Saudi International Petrochemical Co. - PNOTE 10,363,969

39,293,441SOUTH AFRICA

465,499 Aspen Pharmacare Holdings 13,883,177868,738 MTN Group, Ltd. 18,349,927

3,835,738 Sanlam, Ltd. 22,199,702260,950 Sasol, Ltd. 14,185,698

68,618,504SOUTH KOREA

166,705 Halla Visteon Climate Control Corp. 8,088,411Page 3 of 4

21,900 KCC Corp. 14,921,67725,431 Naver Corp. 19,448,299

290,491 Posco - ADR 22,048,26721,815 Samsung Electronics Co., Ltd. - Pref. 18,564,198

647,314 Shinhan Financial Group Co., Ltd. 29,812,329750,108 SK Hynix, Inc. 33,231,508

146,114,689SWITZERLAND

112,584 Dufry AG 17,170,0333,483,844 Glencore Xstrata PLC 19,383,242

90,571 Roche Holding AG 26,857,28563,410,560

TAIWAN2,591,364 Advantech Co., Ltd. 18,315,333

15,783,450 Cathay Financial Holding Co., Ltd. 25,709,4946,456,800 Hon Hai Precision 20,376,8248,014,000 Quanta Computer, Inc. 20,338,2961,325,536 Taiwan Semiconductor Mfg. Co., Ltd. - SP ADR 26,749,316

111,489,263THAILAND

64,978,429 BTS Group Holdings Public Co., Ltd. - NVDR 20,039,6082,254,600 Kasikornbank Public Co., Ltd. - NVDR 16,340,200

17,303,480 Thai Beverage Public Co., Ltd. 10,376,39146,756,200

TURKEY2,994,879 Turkiye Halk Bankasi AS 18,022,816

18,022,816UNITED ARAB EMIRATES

79,942 Al Noor Hospitals Group 1,319,2997,839,104 Emaar Properties PJSC 24,650,935

25,970,234UNITED STATES

230,308 Schlumberger, Ltd. 23,420,021242,882 Yahoo! Inc. 9,897,442

33,317,462VIETNAM

173,082 Vietnam Dairy Products JSC 856,135856,135

STOCK TOTAL : 1,807,746,056CASH: 92,060,755PORTFOLIO TOTAL: 1,899,806,811

Source: Driehaus Capital Management LLC

The portfolio represents holdings for the Driehaus Emerging Markets Growth Fund (the “Fund”) as of the specified date. The Fund assumes no obligation to update or supplement the holdings to reflect subsequent changes. The holdings posted may not represent current or future portfolio composition or holdings and are subject to change without notice. Information on particular holdings may be withheld if it is in the Fund’s best interest to do so. The holdings are unaudited and are provided for general information on the Fund. For more information please contact us at 800-560-6111.For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's recent Semi-Annual or Annual financial statements.

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